Bank manager jailed for 14 years
Print Edition
A FINANCE manager of a foreign bank was sentenced to 14 years in jail and fined 100,000 yuan (US16,129) for stealing more than 4 million yuan from his client.
In September 2013, Yu, 34, received a female client, surnamed Xu, who wanted to purchase a wealth investment product at the bank. During conversation, Xu asked to check her savings account in the bank. Yu looked over as Xu keyed in her password, the Huangpu District Court was told.
Yu persuaded Xu to open an e-bank account but left his own address and mobile phone number on the application secretly. He then cooked up a fake wealth investment contract and gave it to Xu, who signed on it.
Within two months, Yu transferred about 4.276 million yuan from Xu’s bank account into his wife’s account and invested some of the money in the stock market. He also transferred another 123,000 yuan into the accounts of other clients.
Yu told the court he wanted to use the stolen money to try his luck in the stock market but planned to return the money after earning profits. Instead, he ran up losses of more than 1 million yuan. To make up for the losses, Yu flew to Macau with the remaining 3-million-plus yuan and hoped to win back something at the casinos but did not have much luck there either.
Xu’s suspicion was aroused after she found the principle and profit from the wealth investment product missing from her bank account. She checked with the bank which alerted the police. Yu was caught in Xiamen, Fujian Province and later charged with theft.
The court showed leniency as Yu admitted to the crime.
The court did not reveal the name of the foreign bank.
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